Santo Domingo.- The financial data of Dominicans living inthe US and Americans residing in Dominican Republic would be exchanged by both governments,to bolster compliance on international taxation, the Finance Ministry announcedThursday .
The transfer of information will be carried out incompliance with the Foreign Account Tax Compliance Act (FATCA), implementedfrom an agreement signed by Finance minister Donald Guerrero and US ambassador JamesW. Brewster.
In a press release, the Finance Ministry said the twocountries signed an agreement in effect since 1989 to exchange tax information,which was the basis for the new pact.
It adds that the mutual assistance agreement in tax matterscounts on an effective infrastructure to automatically exchange data and formspart of the government’s policy of transparency.